TMI Blog2020 (8) TMI 321X X X X Extracts X X X X X X X X Extracts X X X X ..... quantum addition, has been restricted to ₹ 28,240/-, the consequent levy of penalty shall also stand restricted to ₹ 28,240/-. No other arguments have been taken or canvassed during the hearing in support of ground no. 2, hence the same is dismissed. In the result, the AO is directed to restrict the penalty to ₹ 28,240/- and the remaining penalty is hereby directed to be deleted - Appeal of the assessee is partly allowed. - ITA No. 1389/JP/2018 - - - Dated:- 11-8-2020 - Shri Vijay Pal Rao, JM And Shri Vikram Singh Yadav, AM For the Assessee : Sh. Mahendra Gargieya (Adv.) And Sh. Hemang Gargieya (Adv.) For the Revenue : Ms. Chanchal Meena (Addl.CIT) ORDER PER: VIKRAM SINGH YADAV, A.M. This is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... offered the amount of undisclosed income on account of Cash Stocks of ₹ 14,55,858/- (₹ 1,55,858 Cash + ₹ 13,00,000). But the same were not included by the assessee in its return of income. Thereafter, the assessment was completed at total income of ₹ 15,00,390/- by making additions on account of the alleged excess cash of ₹ 1,55,858/-, alleged investments in the unaccounted purchased of ₹ 13,00,000/- and GP on short stock of ₹ 754 with others, pursuant to the survey. The ld. CIT(A) however, partly reduced the impugned addition and sustained the same as ₹ 13,00,000/-. 3. It was further submitted that the assessee has since taken the matter before the Tribunal and the Tribunal vide its ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cted by the Department and it is therefore, not a case of voluntarily disclosure by the assessee. It was further submitted that given that in the quantum proceedings, the Tribunal has restricted the addition made by the AO to the extent of ₹ 28,240/-, the matter may be remanded to the file of the AO to recalculate the quantum of penalty so levied u/s 271(1)(c) of the Act. 6. We have heard the rival submissions and perused the material available on record. We find that the penalty has been levied on addition of ₹ 13,00,000/-, being investment in unaccounted purchases made by the AO pursuant to survey conducted at the premises of the assessee. The Tribunal in the quantum proceedings has however held that it was not a case of un ..... X X X X Extracts X X X X X X X X Extracts X X X X
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